Wilmington, Delaware, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Underwriting Software Market by Functionality (Underwriting Systems (AUS), Rating Engines, Decision Support Systems), Delpoyment Mode (On-premise and Cloud), and End User (Insurance Companies, Insurance Brokers and Agencies, Reinsurers and MGA (Managing General Agent)) : Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the underwriting software market was valued at $5.7 billion in 2023, and is estimated to reach $15.9 billion by 2032, growing at a CAGR of 12.5% from 2024 to 2032.

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Prime Determinants of Growth

However, concerns about data security and privacy issues and resistance to change and legacy systems within some insurance companies are anticipated to hamper the growth of global market. On the contrary, expansion of underwriting software market in emerging economies with growing insurance sectors and increasing digitalization trends and integration of Internet of Things (IoT) devices and telematics data into underwriting software are further likely to create lucrative opportunities for the growth of the global market.

Report Coverage & Details:

Report Coverage Details Forecast Period 2024–2032 Base Year 2023 Market Size in 2023 $5.7 billion Market Size in 2032 $15.9 billion CAGR 12.5% Segments covered Deployment Mode, Functionality, End User, and Region. Drivers

Increase in demand for automation and digital transformation in the insurance industry

Growing focus ...

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